Aussie market started negative and went further negative on global investor selling before pulling back to slight negative on resource sector strength. Westpac lead the banking sector on the update season and it wasn’t pretty. The risk of falling currency and bad debt risk drove global investors to hammer the banks. The banks recovered some of the losses as the day went on. Resources were holding up as commodity prices seem to see support despite weaker Chinese PMI. Tomorrow is about ANZ update, RBA rate decision and Federal Budget. Sadly all three are likely to be as exciting as listening to someone repeat “Jobs and Growth” about thirty times. Time to be patient and pick the time to buy-in or add more exposure…maintain medium to long term view > long Yield and Gold, short Iron Ore and Oil. May has historically been a negative month. Stretched valuations and lack of positive catalyst means that the markets are highly prone to repeat history and take profit in May as banks and commodities underperform. (VIEW LINK)